As traditional financial institutions increasingly embrace digital assets, Standard Chartered continues to solidify its position at the forefront of institutional crypto adoption. The bank has announced plans to launch Bitcoin (BTC) and Ethereum (ETH) custody services for institutional clients in Dubai by Q1 2025, signaling a strategic expansion into the Middle East’s fast-growing digital asset market. This move is part of a broader vision to build a global cryptocurrency settlement network, reinforcing the bank's long-term commitment to blockchain innovation and institutional-grade crypto infrastructure.
Standard Chartered’s Bullish Outlook on Cryptocurrencies
Standard Chartered has consistently expressed optimism about the future of digital assets throughout 2025. In April, Geoff Kendrick, Head of Digital Assets at the bank, stated that Bitcoin could benefit from macroeconomic shifts such as banking sector volatility and the potential end of the Federal Reserve’s tightening cycle. He noted that "the path toward $100,000 is becoming clearer," suggesting that BTC could reach this milestone by the end of 2025.
By July, the bank revised its price forecast upward, projecting Bitcoin to hit $50,000 by the end of 2025 and climb to $120,000 by 2026—up from earlier estimates. The revised outlook was driven by improving miner profitability and growing institutional interest. This bullish sentiment aligns with the bank’s belief that the “crypto winter” has ended and a new phase of adoption is underway.
The bank also remains optimistic about Ethereum. On October 11, Geoffrey Kendrick (note: likely the same individual with a variation in reporting) stated that ETH could reach $8,000 by the end of 2026—five times its current value—due to its dominant position in smart contract platforms and emerging use cases in gaming and asset tokenization. While long-term structural valuations could eventually reach between $26,000 and $35,000, the $8,000 target represents an achievable intermediate step supported by real-world applications.
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Building a Comprehensive Institutional Crypto Ecosystem
Standard Chartered’s involvement in the digital asset space extends far beyond price predictions. Through its innovation arm, SC Ventures, the bank has been actively building a full-stack institutional crypto ecosystem encompassing custody, trading, settlement, and blockchain-based financial services.
Strategic Investments and Metaverse Initiatives
In April 2022, Standard Chartered (via its Hong Kong subsidiary) partnered with The Sandbox to create immersive metaverse experiences, participating in virtual land auctions featuring major brands. This initiative reflects the bank’s forward-looking approach to digital identity, virtual economies, and next-generation customer engagement.
The bank also led a Series A funding round for Partior, a Singapore-based fintech developing a blockchain-powered interbank payment network. The platform aims to support eight major currencies—including USD, EUR, GBP, and CNH—with each participating bank operating its own node. Standard Chartered will serve as the euro settlement bank, underscoring its role in shaping cross-border payment infrastructure.
Pioneering Blockchain Pilots and Tokenization
Standard Chartered has been a key participant in multiple government-backed blockchain pilots. In November 2020, it joined seven other banks in connecting Hong Kong’s TradeLink platform with mainland China’s Trade Finance Blockchain Platform, completing cross-border trade transactions via distributed ledger technology.
The bank also collaborated with Hong Kong’s Monetary Authority and Thailand’s central bank to test real-time peer-to-peer transfers and foreign exchange settlements using central bank digital currencies (CBDCs). These trials demonstrate the feasibility of faster, more secure international payments.
In August 2021, Standard Chartered partnered with fintech firm Linklogis to launch Olea, a blockchain-powered trade finance platform leveraging AI to connect institutional investors with supply chain financing opportunities.
More recently, the bank took a leadership role in MAS’s Project Guardian, focusing on decentralized finance (DeFi) and asset tokenization. It is currently spearheading a pilot to tokenize trade finance assets—a critical step toward unlocking liquidity in traditionally illiquid markets.
Launching Zodia: Institutional-Grade Crypto Custody and Trading
One of Standard Chartered’s most significant contributions to the crypto ecosystem is Zodia, a suite of institutional digital asset services launched through SC Ventures.
- In 2020, SC Ventures partnered with Northern Trust to develop Zodia Custody, a regulated solution for institutional clients.
- By July 2021, Zodia received formal approval from the UK Financial Conduct Authority (FCA) and began operations.
- In July 2022, Zodia Markets launched in the UK, offering spot trading for BTC and ETH under FCA oversight.
- In October 2022, Zodia introduced a patented Proof of Ownership system, enabling institutions to cryptographically verify wallet ownership without exposing private keys—a major advancement in auditability and compliance.
- Later that year, Zodia launched Interchange, a service allowing clients to keep assets securely stored while mirroring them on exchanges for trading—effectively bridging security and liquidity needs.
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Global Expansion and Deepening Institutional Partnerships
Standard Chartered has aggressively expanded Zodia’s footprint beyond the UK:
- January 2025: Julian Sawyer, former Bitstamp CEO, became CEO of Zodia Custody, driving global growth.
- March 2025: Zodia registered as a Virtual Asset Service Provider (VASP) in Luxembourg, targeting European fund managers.
- April 2025: Japanese financial giant SBI led a $36 million Series A round for Zodia Custody, fueling expansion into new regions.
- September 2025: Zodia Markets received preliminary approval to operate as an OTC crypto broker in Abu Dhabi under ADGM regulations.
- September 2025: Zodia Custody entered Singapore, appointing Kai Kano (ex-BitGo) as CEO of its local entity.
- October 2025: The platform launched in Australia, offering bank-grade cold storage and exchange connectivity for institutional clients.
These moves reflect a deliberate strategy to establish presence in key financial hubs across Europe, Asia, the Middle East, and Oceania—regions with favorable regulatory environments and growing demand for digital assets.
Strengthening Institutional Offerings
Zodia has also deepened its service offerings through strategic partnerships:
- May 2025: Collaborated with LMAX Digital and CoinShares to provide end-to-end trading and custody infrastructure.
- June 2025: Partnered with Blockdaemon to offer staking services for proof-of-stake assets.
- September 2025: Joined forces with Parity Technologies to support DOT staking within the Polkadot ecosystem.
- September 2025: Teamed up with RWA startup OpenEden to offer yield-bearing products—marking Zodia’s first foray into generating returns on crypto assets.
Julian Sawyer emphasized that “traditional finance has much to offer digital assets,” highlighting the importance of security, compliance, and regulatory alignment in bringing mainstream value to blockchain-based products.
Why Traditional Banks Are Going All-In on Crypto
Standard Chartered is not alone. Major financial institutions like Fidelity and BNY Mellon are building their own crypto trading platforms and hiring top talent from firms like Zodia Custody. According to Bloomberg, demand for regulated digital asset custody services is rising rapidly among traditional finance clients.
This shift reflects a maturing market where digital assets are no longer seen as speculative instruments but as legitimate components of diversified portfolios. Banks are responding by developing secure, compliant infrastructure that meets institutional standards—bridging the gap between legacy finance and Web3 innovation.
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Frequently Asked Questions (FAQ)
Q: What is Zodia Custody?
A: Zodia Custody is an institutional-grade digital asset custody solution developed by Standard Chartered’s SC Ventures. It offers secure storage, regulatory compliance, and advanced features like Proof of Ownership and Interchange for seamless trading.
Q: When will Standard Chartered offer BTC and ETH custody in Dubai?
A: The service is expected to launch by Q1 2025 for institutional clients in Dubai, operating under the regulatory framework of the Abu Dhabi Global Market (ADGM).
Q: Does Zodia support staking?
A: Yes. Through partnerships with Blockdaemon and Parity Technologies, Zodia offers staking services for Ethereum and Polkadot (DOT), allowing institutions to earn yield on their holdings.
Q: Is Zodia available outside the UK?
A: Yes. Zodia Custody operates in Luxembourg, Singapore, Australia, and is expanding into Abu Dhabi. Its global strategy targets major financial centers with strong regulatory frameworks.
Q: What makes Standard Chartered different from other banks entering crypto?
A: Unlike passive investors, Standard Chartered is actively building infrastructure—through Zodia—and participating in central bank pilots, tokenization projects, and blockchain networks—positioning itself as a builder rather than just an observer.
Q: Can individual investors use Zodia services?
A: Currently, Zodia serves only institutional clients such as asset managers, hedge funds, and fintech firms. Retail access is not offered at this time.
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